Larking Gowen Insights: Accountancy & Business Advice for all

Gilly and Giles are joined by educational finance expert Tony Lawlor FCCA to discuss the implications of the recent VAT changes on school fees, discussing the budget announcements, clarifications from HMRC, and practical steps for schools to take. Tony shares his insights on the challenges faced by bursars and finance leads, the need for system upgrades, and considerations for year-end changes.  You can find a recording of the VAT training mentioned in this episode on YouTube  Dont forget you can still listen to Gilly and Giles' pre Budget conversation;  VAT on school fees – what should independent schools do now?   and UK Election Manifestos – what will they mean for tax and education? GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. You can get in touch with our presenters directly through the Our People section of our website here. Find out more about Tonys work here, and connect on LinkedIn here  We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In the last of this mini-series series, Business Team Partner, Becky Ames, joins Megan and Alanah to discuss the critical aspects of exiting a business, emphasising the importance of early planning, understanding various exit strategies, and the emotional complexities involved. They explore options such as selling the business, management buyouts, and gifting shares to family members, while also addressing the tax implications and the need for transparency in these processes. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

Digital Partner, Martin Bugg, joins Megan and Alanah to discuss the definition of succession planning, which includes identifying key employees or family members for succession, setting timelines, and maintaining stakeholder confidence. He also reflects on examples of the importance of open communication, motivation, and culture in succession planning, the use of digital tools and the involvement of other professionals, such as solicitors and IFAs. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

Megan and Alanah chat to tax specialist, Emma Walker, about succession planning and the personal tax implications involved in selling your business. They touch on topics such as the timing of exiting a business, the sale of shares, and the tax rates and conditions for business asset disposal relief. They also mention the upcoming Budget and potential changes to capital gains tax. Emma also provides insights into your personal tax considerations when succession planning. She looks at the tax implications of selling or gifting shares in a business, lifetime allowance, stamp duty on shares, inheritance tax, and business relief. Timestamps: 00:51 -  Autumn Budget 2024 expectations01:58 - Selling your business Budget expectations03:00 - Sale of shares - CGT06:20 - Rates on share disposal08:00 - Business Assets Disposal Relief formally Entrepreneur Relief11:20 - Lifetime allowance12:36 - Gifting shares/Family business passing shares down14:08 - Options other than gifting shares inc Gift Holder Over Relief16:40 - Stamp duty18:00 - IHT Inheritance Tax21:20 - IHT - Business Relief23:05 - Check your Will!28:15 - Emma's top tips   GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In this episode, Will Gibbs joins Megan and Alanah, to discuss the first steps for businesses wanting to grow. Will emphasises the importance of understanding the current position of the business, including the breakdown of turnover and profit by product or service. He also highlights the role of digital software in tracking sales and accessing live data, the significance of setting realistic growth targets and creating reliable forecasts or budgets. He looks at limiting factors such as people, sales, or cash, and how to develop strategies to overcome them, and the importance of monitoring performance, seeking professional support, and effective communication within the organisation. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In the first episode of the Life Cycle of a Business mini-series, hosts, Megan Howard and Alanah Thompson, welcome Glenn Matthews, an expert in helping small and medium businesses start up.  Glenn emphasises the importance of doing thorough research and seeking feedback from independent sources before diving into a business idea, and the value of building a network and seeking advice from professionals in the industry. He discusses the different business structures, such as being a sole trader or a limited company, and the associated paperwork and compliance. He also discusses the consideration of VAT registration, bookkeeping, record-keeping and working with HMRC. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In this episode, Laurie Hill and Bruce Masson from the Farms team, discuss the upcoming Larking Gowen Autumn Farming Conference on November 5, 2024. They discuss the key themes planned for the conference, which include environmental and financial sustainability in agriculture, innovations in farming, and the importance of succession planning. You can book your tickets for the conference here larking-gowen.co.uk/AFC GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In this episode Laurie Hill, the partner leading Larking Gowen’s new Environmental, Social and Governance facilitated advisory (ESG) services, is joined by Jake Bond and Angus Harrison from neoeco, as well as Adam Soall, the managing director of Loads4Less. The partnership between Larking Gowen and neoeco will assist clients with ESG reporting, and Adam is our first case study!  After his recent trip to the Amazon Rainforest, which inspired him to make changes in his business, he discusses and highlights the growing importance of sustainability in business and the benefits of having good data and reporting. The ESG reporting partnership aims to provide businesses with the tools and support they need to become more sustainable and differentiate themselves in the market, and this chat provides insight into how exactly businesses can get started on their sustainability journey.  Show notes To find out more about Larking Gowen ESG services, click hereLearn about Loads4Less and their sustainability journey hereFind out about neoeco's ESG reporting software here    GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. You can get in touch with our presenters directly through the Our People section of our website here.  We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

The Chancellor Rachel Reeves' made a fiscal statement on Monday including making announcements on VAT and independent schools on 29 July 2024. The announcement states that VAT will be applied to school fees starting from January 1, 2025. VAT specialist Gillian McGill chats to Not for Profit partner Giles Kerkham in this episode, discussing the implementation date, types of schools and services affected, the impact on parents and guardians, strategies to mitigate the financial impact, and the possibility of potential failure of independent schools.    GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

Medical specialists Louise Dean and George Crowe discuss the new pay offer for NHS consultants in England. The key changes proposed include a minimum 6% pay rise for all consultants, a new pay progression system based on skills and experience, changes to the Clinical Excellence Award schemes, and modifications to the doctors and dentists review body. They also explore the potential impact of the pay rise on take-home pay and tax burdens, particularly in relation to annual allowance charges.  GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   You can get in touch with our presenters directly through the Our People section of our website here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice. © Larking Gowen LLP

In this episode, specialists Gilly McGill, Giles Kerkham and Dominic Carter dive into the latest election manifestos from the main UK political parties, exploring their key proposals and common ground in relation to tax and funding. VAT Director Gilly and Tax Partner Dominic explore the fiscal strategies of the parties, highlighting their promises not to raise income tax, corporation tax, VAT, or national insurance contributions. Instead, they plan to increase revenue by addressing the tax gap and tackling tax avoidance, and abolishing the current regime for non-domiciled individuals, and Gilly is thrilled that VAT is finally in the headlines! As Not for Profit and Education Partner, Giles discusses the voluntary sector's need for stability, government consultation, and access to multi-year sustainable settlements. They also discuss education, where the parties present robust programs. The Conservatives focus on expanding Academy trusts and safeguarding independent and grammar schools. Meanwhile, Labour aims to recruit more teachers and provide free breakfast clubs, with both parties acknowledging the importance of special educational needs (SEN) support. Funding remains a crucial topic, with Labour proposing VAT on independent school fees. Join us for an insightful discussion on the election manifestos currently shaping the future of the UK. Show notes You can listen to Giles and Gilly discussing the implications of a Labour government on independent schools in more detail on a previous episode – click here to listen. For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.    You can get in touch with our presenters directly through the Our People section of our website here.   GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. We would also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

This week, VAT Director Gillian McGill and Not for Profit Partner Giles Kerkham discuss the challenges faced by colleges in the UK in relation to finances and VAT treatment.  They consider the recent recategorisation of colleges, new requirements and financial controls, difficulties with borrowing and refinancing, challenges with capital funding and the campaign for changes. They also reflect on the complexities that the sector faces in managing VAT reporting, and compare this with the position for other education providers.   For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here. You can get in touch with our presenters directly through the Our People section of our website here.    GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. We would also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

Legal experts and independent members of PrimeGlobal gathered recently to reflect on the conclusion of the 2023 SRA Account Rules period and analyse the latest trends they have seen emerge. Their discussions included the move towards automation, the decline in pink slips and clerical errors, changes in interest rates, partial VAT exemption, reconciliation challenges, and the potential for more training. They also reflected on the adaptations made since the 2019 alterations, considering the impact of the pandemic and the resulting shifts in work patterns. Join Claire Watkins from Buzzacott, Veronique Walkey and (host) Matt Melksham from Westcotts and Ellis Lake from Larking Gowen, as they explore changes that could improve the efficiency of legal firms, while also exchanging anecdotes and reflecting on the challenges faced over the past year. You can also watch the recording on our YouTube channel here • Ellis Lake (Larking Gowen) ellis.lake@larking-gowen.co.uk • Veronique Walkey (Westcotts) veronique.walkey@westcotts.uk • Claire Watkins (Buzzacott) watkinsc@buzzacott.co.uk • Matt Melksham (Westcotts) matt.melksham@westcotts.uk GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.  We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

In this conversation, Emma Walker, Jamie Butcher and Laura Clayton discuss the basis period reform and explain the historical taxation of sole traders and partnerships based on their year-end profits and the double taxing of profits (overlap profits). They address the changes in the basis period reform to simplify and make the taxation process fairer, and also cover the calculation of business profits, treatment of losses and the options available for spreading of transition profits. They also highlight the importance of changing accounting year ends and cover the tax issues farmers and those working in medical businesses face.  You can get in touch with our presenters directly through the Our People section of our website here.   GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk.   For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.  We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

In the last episode in the Charity FUNdcast mini series, Emma and Giles explore the value of Gift Aid to charities; the decline in the number of charities claiming it; and the relationship between payroll giving and Gift Aid. They explain how it works, the Gift Aid Small Donation Scheme, and the rules and common errors in claims. They also discuss corporate Gift Aid donations, cash donations, auctions, gifts to donors, and the future ways to maximise its benefits. #TicktheBox Gift Aid Awareness Day – 5 October 2023 GET IN TOUCH!  Click here to contact Emma, or here for Giles, or find out more about how our team of specialist charity advisors can help you and your organisation here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify; this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

In this episode, Emma and Giles discuss the impact of how new AI and cryptocurrency is impacting charities. They explore the definition of cryptocurrencies and how they’re used for transactions and donations; look at examples of charities that have accepted crypto donations; and highlight the benefits and challenges associated with them. They discuss the risks and considerations for charities when accepting crypto, including transparency, volatility, and environmental impact. They discuss the guidance provided by the Charity Commission and how AI technologies, specifically Chat GPT, and its wide range of applications, offer benefits but also limitations around privacy and data integrity. GET IN TOUCH!  Click here to contact Emma, or here for Giles, or find out more about how our team of specialist charity advisors can help you and your organisation here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify; this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

In this episode, Emma and Giles discuss the best legal structure for a new not-for-profit enterprise, focusing on the differences between Community Interest Companies (CICs) and Charitable Incorporated Organisations (CIOs). They go through the practical differences, how to access funding, tax reliefs, remuneration and changing from a CIC to a CIO. They also outline the setting up processes, governance requirements, and social aims to be considered. GET IN TOUCH!  Click here to contact Emma, or here for Giles, or find out more about how our team of specialist charity advisors can help you and your organisation here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify; this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

In this special Charity FUNdcast miniseries, Not for Profit specialists, Emma Hayward and Giles Kerkham, will deliver a series of updates for those working in or aspiring to work in the charity sector. Whether looking for technical updates or inspiration, there’ll be something for everyone, covering topics such as AI, myth busting, maximising gift-aid, social enterprise alternatives and more. In this first episode, not-for-profit experts Emma and Giles discuss the common myths surrounding charities and how to combat them. They address misconceptions about overheads, executive salaries, fundraising spend, tax exemptions, political campaigning, and more. They emphasise the importance of transparency and disclosure in addressing these myths and building public trust.  GET IN TOUCH!  Click here to contact Emma, or here for Giles, or find out more about how our team of specialist charity advisors can help you and your organisation here. We’d also love it if you could rate us 5 STARS on Apple Podcasts or Spotify; this really helps people find us! You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

If you’re a salaried doctor looking to go self-employed or to set up as a limited company, then this episode with medical specialist, Jamie Butcher, is for you. She chats to senior accountant, Jo Benton, about what steps you need to consider in regard to tax and savings, pensions, mortgages, student loans, National Insurance and tax liability you might face. They also discuss what happens if you take on self-employed work whilst also salaried, what practical things are needed when you make the transition, the impact of Making Tax Digital and the factors involved in setting up as a limited company.  For further information on today’s topic, and how we can help support you and your business on all medical accountancy related matters, click here.    You can get in touch with our presenters directly through the Our People section of our website here.    GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. We would also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. For further information on today’s topic, and how we can help support you and your business, visit us at www.larking-gowen.co.uk. You can find more episodes from this series on our website larking-gowen.co.uk/LGI © Larking Gowen LLP This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.

Tax Partner Dominic Carter, is joined by VAT Director Gilly McGill, in conversation on the possible VAT game-changers for Independent Schools and educational institutions if Labour were to win at the next General Election. They discuss Labour's current outlined manifesto and the proposed changes to the education system that could shake things up in 2024. How would these changes ripple through schools, charities, and the lives of families? They offer insight into the what-ifs of a potential Labour victory, and how those affected need to prepare ahead of the election.  For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.  You can get in touch with our presenters directly through the Our People section of our website here.    GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at podcasts@larking-gowen.co.uk. We would also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us! You can find more episodes from this series on our website here. © Larking Gowen LLP  This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.